Qinghai launches pilot program for potential defect insurance in residential construction quality

On January 3rd, the Qinghai Financial Regulatory Bureau announced that it is promoting the pilot program for potential defect insurance in residential construction quality. In conjunction with the Qinghai Provincial Department of Housing and Urban-Rural Development, it issued the "Notice on the Pilot Work for Potential Defect Insurance in Residential Construction Quality." The pilot program will be implemented in Xining City and Haidong City, guiding insurance companies to establish efficient and convenient claims processes that fully protect the rights and interests of homeowners. It will actively participate in the prevention and management of construction quality risks, providing risk protection for residential construction projects that have obtained construction permits, as well as supporting buildings that ensure the residential functionality within the same property management area. The social insurance mechanism aims to enhance the quality of residential construction and effectively safeguard the legitimate rights and interests of property owners